Hon Dr Michael Cullen
Minister of Finance
7 May 2008 Media Statement
National’s mates undermine NZ Superannuation
Everyone looking forward to one day being entitled to universal New Zealand Superannuation should be worried when the
National Party’s mates publicly undermine confidence in the system, Finance Minister Michael Cullen said today.
“The Centre for Independent Studies, a soul-mate of National, is quoted in the New Zealand Herald today saying that
universal New Zealand Superannuation is threatened because of the outstanding success of the separate voluntary savings
scheme introduced by this government.
“It is twisted logic of a most perverse kind to argue that just because the voluntary KiwiSaver scheme has been very
successful then that somehow implies that the universal right to New Zealand Superannuation is somehow threatened,” Dr
Cullen said.
“The only thing consistent in today’s commentary from National’s mates is the same-old underlying right-wing hostility
to universal NZ Superannuation being available to all at the age of 65,” Dr Cullen said.
During the Asian financial market weakness a decade ago the then National government used those overseas developments as
an excuse to cut the floor of NZ Superannuation to just 60 per cent of the average wage (down from 65 per cent at the
time and compared with 66 per cent under the Labour-led government today).
John Key has in the past expressed his view that NZ Superannuation should not continue to be available to all at the age
of 65, while Bill English has said that New Zealand is being too generous with retirement support.
“In 2008, the National Party’s public statements on superannuation are unclear. That is why National has a duty to
disassociate itself completely – and publicly - from the extremist agenda being promoted by its mates,” Dr Cullen said.
ENDS